Top 5 Upcoming IPOs 2026: Jio, Flipkart, NSE, PhonePe and Zepto

The 2026 IPO calendar in India is unusually loaded at the top. Five names keep showing up in every shortlist: Reliance Jio, Flipkart, NSE, PhonePe and Zepto. Together, they could account for a meaningful chunk of the roughly Rs 3 lakh crore worth of issues sitting in the SEBI pipeline.

Here is what we actually know about each one as of now, with the speculation cut out.

Reliance Jio IPO: the one everyone is waiting for

Mukesh Ambani has confirmed that Jio Platforms is targeting a listing in the first half of 2026. Reliance is still working on the draft red herring prospectus and is waiting on government notifications related to SEBI's newer large-cap IPO recommendations before filing.

A few numbers worth knowing:

• Bloomberg has reported a possible valuation of around USD 170 billion. For context, that is higher than Bharti Airtel's current market cap.
• Brokerage estimates suggest the company could unlock more than Rs 70,000 crore by selling roughly 5 percent of its equity.

If those numbers hold, Jio would comfortably be India's largest IPO ever. Whether it actually lists in H1 or slips later in the year depends almost entirely on regulatory clearances and how the secondary market behaves over the next few months.

NSE IPO: nearly a decade in the making

The NSE listing has been stuck since the original 2016 filing. That changed on January 30, 2026, when SEBI finally issued the No-Objection Certificate. The NSE board approved the IPO plan on February 6, and MUFG Intime India was appointed registrar on March 12.

The exchange is expected to file its DRHP by around June 2026, with a listing window before the end of the year if everything stays on track. CEO Ashishkumar Chauhan has said publicly that the process from NOC to listing typically takes 8 to 9 months.

A few things to keep in mind:

• The IPO will be a pure offer for sale. No fresh capital is being raised by the exchange itself.
• Issue size is currently estimated at Rs 21,000 to Rs 25,000 crore, with the company valued at roughly Rs 4.7 to Rs 5 lakh crore.
• There is still some legal noise. A Delhi High Court petition challenging the NOC was dismissed, but a separate writ petition tied to corporate action adjustments is being tracked.
• A SEBI expert panel cleared the Rs 1,800 crore settlement proposal for the old co-location and dark fibre cases in April 2026, which removes another overhang.

NSE shares in the unlisted market were quoted around Rs 1,935 in late April 2026, with a 52-week range of Rs 1,573 to Rs 2,349.

Flipkart IPO: the domicile shift is done

The big procedural news with Flipkart is that the NCLT approved the merger of eight group entities in December 2025, completing the shift of domicile from Singapore to India. That was the gating item for a domestic listing.

Some of what is being reported:

• Estimated valuation in the USD 60 to 70 billion range, though numbers vary widely between sources.
• A pre-IPO round of around USD 1 billion to 1.5 billion is reportedly being explored from Indian and foreign investors.
• The company has been adding senior leadership recently, including a new vice president and group controller, and a VP of supply chain for Flipkart Minutes and grocery, which is typical pre-listing strengthening.

The expected listing window is somewhere in 2026, though no formal DRHP has been filed yet at the time of writing.

PhonePe IPO: SEBI-approved, but on pause

PhonePe got SEBI's approval in January 2026 to raise about Rs 12,000 crore at a valuation of around USD 10.5 billion. The structure is expected to be entirely an offer for sale by existing shareholders, including Walmart and Tiger Global.

Then things slowed down. The company has temporarily paused its IPO plans because of market volatility and broader geopolitical concerns. That is consistent with what other large issuers are doing. Nifty 50 and Sensex both fell over 11 percent in March 2026, and most companies are waiting for stable secondary markets before pricing a large offering.

PhonePe reported revenue of Rs 7,115 crore for FY25, up 40 percent year-on-year. The fundamentals are not the issue. The window is.

Zepto IPO: confidential filing route

Zepto got shareholder approval on December 26, 2025, to raise up to Rs 11,000 crore. The company has gone the confidential DRHP route with SEBI, which means most of the early filing details are not in the public domain yet.

Reported pointers:

• Targeted listing window: July to September 2026.
• Use of proceeds is expected to focus on the quick-commerce expansion, working capital and general corporate purposes.

Of all five names on this list, Zepto is the youngest and the riskiest from a profitability standpoint. The IPO will be a real test of how public market investors price unprofitable Indian quick-commerce versus their listed peers.

What this means if you are planning to apply

A loaded pipeline does not automatically mean every issue will list this year. Most large IPOs in 2026 have one common factor in their messaging: they are all watching the secondary market before committing to a date. With Sensex and Nifty correcting through Q1 2026, several issuers (including PhonePe) have explicitly said they are waiting.

A few practical things worth doing now if you intend to participate in any of these:

• Open a demat account if you do not already have one, and keep your UPI mandate setup ready. Application windows for marquee IPOs tend to fill up in hours.
• Read the DRHP carefully when it drops, especially for Jio and NSE. The fundamentals are well known, but the offer structure (OFS vs fresh issue, lock-ins, anchor allocation) will matter more than the headline.
• Be realistic about retail allotment. With issue sizes this large and demand likely to be heavy, the allotment ratio for Jio and NSE in particular will be tight.

We will keep updating this page on iporise.com as DRHPs get filed and price bands are announced.